In just five months, the Sentosa Cove bungalow where a KTV hostess drowned to her death has been sold.
Two brothers - Mr Mark Poh Seng Kui, 49, and Mr David Poh Cheng Seng, 56 - bought the three-storey waterfront bungalow on Ocean Drive at Sentosa Cove for $13.6 million in August this year.
While the price is not something to sneeze at, it is below the sale prices of other properties in the area, especially considering the fact that property prices in Sentosa Cove are heading skywards.
The $13.6 million price tag translates to $1,690 per sq ft for the 8,049 sq ft plot, a bargain compared to the $2,546 psf price for a smaller seafront bungalow in Sentosa Cove sold a month later.
This means the brothers saved around $6 million by buying the bungalow previously owned by Mr Adrian Chua, the chief executive and founder of real estate investment management firm Roundhill Capital.Mr Chua had moved out of the bungalow after Ms Li Hong Yan, a KTV hostess from China drowned in the swimming pool after a night of laughter, drinking, and sex last March 24.
This doesn't faze the younger Mr Poh, who is the managing director of Nam Leong of which his elder brother is the chairman, told The New Paper: "It was an accident and accidents happen all the time."
He continued: "I've not done bad things, my conscience is clear, so there's nothing to be afraid of."
The brothers, who live in individual units in a Bukit Timah townhouse, plan to use the bungalow as a 'holiday home' for family gatherings.
They are now spending about a million dollars to renovate the bungalow's exterior and interior.